First Interstate BancSystem, Inc. (NASDAQ:FIBK – Get Free Report) has been assigned an average rating of “Reduce” from the nine research firms that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $37.00.
FIBK has been the subject of a number of research analyst reports. Benchmark raised First Interstate BancSystem to a “hold” rating in a research report on Wednesday, September 23rd. Wall Street Zen upgraded First Interstate BancSystem from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. DA Davidson reiterated a “neutral” rating and issued a $39.00 target price on shares of First Interstate BancSystem in a report on Monday, July 27th. Wells Fargo & Company reissued an “underweight” rating and set a $34.00 price target (down from $36.00) on shares of First Interstate BancSystem in a research report on Monday, August 10th. Finally, Barclays raised their price target on First Interstate BancSystem from $37.00 to $38.00 and gave the company an “underweight” rating in a research note on Monday, October 5th.
Read Our Latest Report on FIBK
First Interstate BancSystem Stock Performance
First Interstate BancSystem (NASDAQ:FIBK – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.18. First Interstate BancSystem had a return on equity of 9.55% and a net margin of 23.63%. The firm had revenue of $263.90 million during the quarter, compared to analyst estimates of $249.32 million. During the same quarter in the previous year, the business earned $0.69 earnings per share. First Interstate BancSystem’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities analysts forecast that First Interstate BancSystem will post 2.88 earnings per share for the current year.
First Interstate BancSystem Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.88 dividend on an annualized basis and a yield of 5.5%. First Interstate BancSystem’s dividend payout ratio is 57.85%.
Insider Transactions at First Interstate BancSystem
In other First Interstate BancSystem news, major shareholder Jonathan R. Scott sold 8,071 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $37.29, for a total transaction of $300,967.59. Following the transaction, the insider owned 817,738 shares of the company’s stock, valued at approximately $30,493,450.02. This trade represents a 0.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Julie A. Scott sold 2,700 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $37.64, for a total transaction of $101,628.00. Following the completion of the sale, the insider owned 484,309 shares of the company’s stock, valued at approximately $18,229,390.76. This represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 27,700 shares of company stock valued at $1,029,476. 8.00% of the stock is owned by insiders.
Hedge Funds Weigh In On First Interstate BancSystem
A number of hedge funds and other institutional investors have recently modified their holdings of FIBK. GAMMA Investing LLC lifted its holdings in First Interstate BancSystem by 31.0% during the third quarter. GAMMA Investing LLC now owns 2,698 shares of the financial services provider’s stock worth $96,000 after buying an additional 639 shares during the period. Integrated Wealth Concepts LLC bought a new stake in First Interstate BancSystem during the 2nd quarter valued at $26,000. NewEdge Advisors LLC bought a new stake in First Interstate BancSystem during the 2nd quarter valued at $232,000. IFP Advisors Inc increased its holdings in shares of First Interstate BancSystem by 3,833.3% in the 2nd quarter. IFP Advisors Inc now owns 3,422 shares of the financial services provider’s stock valued at $132,000 after acquiring an additional 3,335 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in shares of First Interstate BancSystem by 3.0% in the 2nd quarter. Squarepoint Ops LLC now owns 124,773 shares of the financial services provider’s stock valued at $4,811,000 after acquiring an additional 3,643 shares during the period. 88.71% of the stock is currently owned by institutional investors.
First Interstate BancSystem Company Profile
First Interstate BancSystem, Inc is a financial holding company headquartered in Billings, Montana. Through its principal subsidiary, First Interstate Bank, the company operates as a community-focused regional bank serving individuals, businesses, agricultural customers and public-sector organizations.
First Interstate Bank offers a range of banking products and services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial and agricultural lending, treasury management, online and mobile banking, and credit cards.
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